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Merus Power signed a cooperation agreement with a global battery manufacturer

MERUSAnalyst Comment04.06.2026, 07.46
Petri GostowskiCo. Head of Research
Discuss

Summary

  • Merus Power has signed a strategic cooperation agreement with CATL for delivering approximately 3 GWh of energy storage solutions to Northern Europe, enhancing its credibility in larger international projects.
  • The agreement, while not immediately impacting the order backlog, is seen as strategically important, reinforcing Merus Power's market position and serving as a significant reference.
  • The collaboration with CATL, a global battery manufacturer, is expected to bolster Merus Power's credibility and align with its internationalization strategy, despite no immediate financial effects.

This content is generated by AI. You can give feedback on it in the Inderes forum.

Translation: Original published in Finnish on 06/04/2026 at 08:05 am EEST

Merus Power announced on Wednesday that it had signed a strategic cooperation agreement with global battery manufacturer CATL for the delivery of approximately 3 gigawatt-hours (GWh) of energy storage solutions to Northern Europe. We consider the agreement strategically important for the company, as it strengthens Merus Power's credibility, targeting increasingly larger energy storage projects in international markets. The agreement itself does not immediately increase the order backlog, so the announcement does not cause immediate pressure to change our estimates.

The cooperation strengthens Merus Power's credibility in the market

In the energy storage business, batteries account for a very significant portion of the value of deliveries, and Merus Power typically procures them through subcontracting from global suppliers. The companies have been collaborating for three years, during which time Merus Power has delivered solutions utilizing CATL's batteries, totaling around 500 megawatt-hours (MWh). We believe the cooperation now agreed upon with CATL is a sign of confidence in Merus Power's system delivery capability. We believe the partnership with CATL will strengthen Merus Power's credibility and serve as an important reference.

The agreement is important, even if no money changes hands at this stage

The 3 GWh volume targeted by the agreement is remarkably large relative to the company's historical deliveries. Achieving this scale requires significant sales success for Merus Power not only in Finland but also more broadly in Northern Europe, which is in line with the company's internationalization strategy. In our view, CATL's strong global brand and references support Merus Power's position in tenders. As we have previously estimated, the international growth of the energy storage business is a significant growth option for the company, and the agreement now announced slightly supports its prerequisites, even though it does not have immediate financial effects.

 

Merus Power operates in the industrial sector. The company specializes in electrical engineering, designing technology for energy efficiency, operational and environmental performance. The company delivers battery energy storage systems, power quality solutions and services. The customer base consists of players in industry, power generation and renewable energy. The company operates on a global level with headquarters in Ylöjärvi.

Read more on company page

Key Estimate Figures23.02

202526e27e
Revenue54.657.969.5
growth-%52.5 %6.0 %20.0 %
EBIT (adj.)0.31.42.8
EBIT-% (adj.)0.6 %2.3 %4.0 %
EPS (adj.)-0.140.020.19
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.284.427.9
EV/EBITDA21.416.910.9

Forum discussions

Osuuspankki (OP) published its H1/26 earnings preview for Merus Power today. In the preview, OP has raised Merus Power’s target price to 5.50...
8/13/2026, 10:43 AM
by Cadel
4
Pauli is doing some pre-game analysis, as Merus is reporting its H1 results next Friday, August 21st. We estimate that the company’s growth ...
8/13/2026, 5:29 AM
by Sijoittaja-alokas
4
sttinfo.fi Merus Power vahvistaa asemaansa Puolan kasvavilla sähkövarastomarkkinoilla |... Merus Power vahvistaa strategista asemaansa Euroopan...
8/12/2026, 9:46 AM
by Cadel
13
When you compare this to Merus’s trading volume and, above all, the net additions by the top 100 shareholders, the sales by those two shareholders...
8/3/2026, 3:06 PM
by Janne
4
But they aren’t exactly major shareholders; their stakes have been less than 4% of the total number of shares. The top 2 still own 33.2% of ...
8/3/2026, 2:28 PM
by KohtiVapautta
0
Hi! Throughout the beginning of the year, two major shareholders (Turret Oy) and Aki Leinonen have been reducing their stakes significantly ...
8/3/2026, 12:24 PM
by Janne
4
This comment has left me wondering, and I don’t really understand what you mean by this. The largest shareholders have not reduced their holdings...
8/3/2026, 12:08 PM
by KohtiVapautta
2